CENTRAL BANK STAFF CO-OPERATIVE CREDIT SOCIETY LTD.,NAGPUR vs. ITO WARD 1(1), NAGPUR , NAGPUR
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Income Tax Appellate Tribunal, NAGPUR “SMC” BENCH : NAGPUR
Before: SHRI SATBEER SINGH GODARA
IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR “SMC” BENCH : NAGPUR
[THROUGH VIRTUAL HEARING AT PUNE] BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER I.T.A.No.423/NAG./2022 Assessment Year 2017-2018 Central Bank Staff Co- operative Credity Society The Income Tax Officer, Ltd., M-1, Saraf Court, vs. Ward-1(1), BSNL Bldg., Dhantoli, Nagpur – 440 016 Nagpur. Maharashtra. PAN AAAJC0349L Maharashtra (Appellant) (Respondent) For Assessee : Shri Mahavir Atal, C.A. For Revenue : Shri Abhay Y Marathe, Sr.DR Date of Hearing : 21.03.2024 Date of Pronouncement : 22.03.2024 ORDER PER SATBEER SINGH GODARA, J.M. This assessee’s appeal for assessment year 2017-2018, arises against the National Faceless Appeal Centre [in short the “NFAC”] Delhi’s Din and Order No. ITBA/NFAC/S/250/2022- 23/1046530533(1), dated 31.10.2022, involving proceedings u/s. 143(3) of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties. Case file perused.
It emerges during the course of hearing at the outset that there is hardly any need for us to delve with the relevant factual matrix at length once it has come on record that both the learned lower authorities, more particularly, the Assessing Officer, had disallowed the assessee’s sec.80P(2)(a)(i)/80P(2)(a)(d) deduction(s)
2 ITA.No.423/NAG./2022 of Rs.27,14,281/- received from Central Bank of India. Both the learned lower authorities hold that the above stated bank’s interest is not eligible since not derived from co-operative society. I find that case law [2017] 396 ITR 371 [AP] The Vavveru Co-operative Rural Bank Ltd. vs. CCIT has already settled the issue that interest income from nationalized banks also qualifies for the impugned sec.80P deduction.
I accordingly adopt the impugned sec.80P deduction in principle and leave it open for the learned Assessing Officer to finalise his consequential computation as per law in very terms. Ordered accordingly.
This assessee’s appeal is allowed in above terms.
Order pronounced in the open Court on 22.03.2024.
Sd/- [SATBEER SINGH GODARA] JUDICIAL MEMBER Pune, Dated 22nd March, 2024 VBP/- Copy to 1. The appellant. 2. The respondent 3. The CIT, Nagpur concerned 4. D.R. ITAT, SMC-Nagpur Bench, Nagpur. 5. Guard File. //By Order// //True Copy //
Sr. Private Secretary, ITAT, Pune Benches, Pune.